Expenses for production of income

1 rule

In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year—

(1) for the production or collection of income;

(2) for the management, conservation, or maintenance of property held for the production of income; or

(3) in connection with the determination, collection, or refund of any tax.

in view

Whole section

Encodings · 1

section_212_deduction_allowed26 USC § 212 · derived

26 USC 212

name: section_212_deduction_allowed
kind: derived
entity: Person
dtype: Money
period: Year
unit: USD
source: 26 USC 212
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/26/212
          excerpt: >-
            ordinary and necessary expenses paid or incurred during the taxable
            year— (1) for the production or collection of income
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/26/212
          excerpt: >-
            for the management, conservation, or maintenance of property held
            for the production of income
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/26/212
          excerpt: >-
            in connection with the determination, collection, or refund of any
            tax
versions:
  - effective_from: '1990-01-01'
    formula: >-
      max(0,
      ordinary_and_necessary_expenses_paid_or_incurred_for_production_or_collection_of_income)

      + max(0,
      ordinary_and_necessary_expenses_paid_or_incurred_for_management_conservation_or_maintenance_of_property_held_for_production_of_income)

      + max(0,
      ordinary_and_necessary_expenses_paid_or_incurred_in_connection_with_determination_collection_or_refund_of_tax)

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statutes/26/212.yaml

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Rules

section_212_deduction_allowed

Derived

source: 26 USC 212

- name: section_212_deduction_allowed
  kind: derived
  entity: Person
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 212
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/212
            excerpt: >-
              ordinary and necessary expenses paid or incurred during the taxable year— (1) for the
              production or collection of income
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/212
            excerpt: >-
              for the management, conservation, or maintenance of property held for the production
              of income
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/212
            excerpt: in connection with the determination, collection, or refund of any tax
  versions:
    - effective_from: '1990-01-01'
      formula: >-
        max(0,
        ordinary_and_necessary_expenses_paid_or_incurred_for_production_or_collection_of_income)

        + max(0,
        ordinary_and_necessary_expenses_paid_or_incurred_for_management_conservation_or_maintenance_of_property_held_for_production_of_income)

        + max(0,
        ordinary_and_necessary_expenses_paid_or_incurred_in_connection_with_determination_collection_or_refund_of_tax)

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